7 top benefits of apprenticeships for employers
18 January 2019
Financial services apprenticeships are an exciting and cost effective way to develop your team.
You can employ someone new or develop the skills of an existing employee, and an apprenticeship is a great option for people of all ages. Train a school leaver or university graduate, or reskill someone who wants to take a step in a new career direction.
Government funding for apprenticeships will cover up to 100% of the cost of the training, and if you hire a new apprentice before 31st March 2021, your business could qualify for an additional grant of £3000.
Simply Academy have been providing financial services training for over 14 years, and our courses are specifically designed to suit the requirements of this sector.
So take a look at some of the key benefits of taking on an apprentice, and then get in touch to find out more.
Develop your team
Recruiting and training apprentices is an excellent way to add motivated, skilled and highly qualified people to your staff. Alternatively you can offer your existing team members the opportunity to upskill or take their career down a new path.
By investing in the future of your business this way, you can fill any skills shortages that you may be facing.
Free up your existing staff
As your business grows, your staff may find that small tasks distract them from the key jobs that they should be concentrating on.
Because your apprentices will spend most of their week working within your organisation, these more basic jobs can be delegated to them. This allows them to learn about the role and take on responsibilities while freeing up your more experienced staff to concentrate on their core responsibilities.
Improving the allocation of work in this way will help to make your business more productive.
Cost effective training
Apprenticeships are a particularly cost-effective form of training. Your apprentices will spend most of the week gaining skills on the job, and study for their qualifications either one day a week or on block release.
So your apprentices can put their new skills to use in your organisation immediately, and your business will start to see the benefits of employing an apprentice right away.
And with generous government funding available to help with the cost of apprenticeship training, your costs will be minimised as well. Simply Academy can advise you on the process of applying for apprenticeship funding.
Retain loyal staff
You want the best for your workforce, and your investment in training shows your staff that they are valued.
By employing an apprentice, you are helping them to develop skills they need to advance their career in financial services. This shows them the importance of their role in the success of your business.
And staff tend to feel loyal to employers who invest in their future, so apprentices are likely to stay with the company for longer. This will help to reduce your recruitment costs and retain those valuable skills.
Raise morale and motivation
Providing high quality training through apprenticeships is a great way to boost motivation and moral levels in your workforce.
Your apprentices will develop their skills within your organisation while also working towards a valuable qualification. Knowing the importance that you place on staff development will help to keep them motivated and committed to the long-term success of your organisation.
Happy, motivated and highly skilled staff help to create a more productive environment within your organisation.
So it makes sense that enrolling staff on a financial services apprenticeship will help to boost the productivity of your business. Not only will your apprentices benefit from this productivity boost, but your other staff will also be inspired by the injection of enthusiasm and energy.
And ultimately this increased productivity can only be good for your bottom line!
Revitalise your company
Someone who embarks on an apprenticeship is willing to learn and eager to contribute new ideas to your company. Their fresh approach and positive attitude will have a knock-on effect on the rest of your staff, and this can help to revitalise your organisation.
And your investment in staff development illustrates that you are a forward-thinking organisation which takes Corporate Social Responsibility seriously. This is attractive both to future staff and to potential clients, who are often keen to support businesses which take on apprentices.
What’s your next step?
Are you keen to experience these benefits of apprenticeships for employers? Contact Simply Academy’s friendly team of experts for more information – click here for our contact details.
We can give you all the support you need and guide you through the process of recruiting apprentices and securing government funding and grants for apprentices.